"Stay out of elected politics. Don't get pulled into elected politics,"
"It's not a passive burden for us to go to Congress and talk to people, it's an affirmative regular obligation,"
"If you want democratic legitimacy, you earn it by your interactions with our elected overseers."
"I will tell whoever it is, you're about to meet the most qualified group of people you not only have ever worked with, you will ever work with."
Jerome Powell advised the next Federal Reserve chair to avoid getting pulled into elected politics while cultivating relationships with Congress as the central bank's window into democratic accountability. Powell called outreach to Congress an affirmative, regular obligation necessary to earn democratic legitimacy through interactions with elected overseers. Powell warned against quick judgments of Fed staff, describing them as highly qualified and dedicated to public wellbeing. President Donald Trump named Kevin Warsh as Powell's replacement; Warsh has criticized Powell's caution on rate cuts, praised pro-growth policies, resigned in 2011 over opposition to additional asset purchases, and proposed Fed changes in an op-ed.
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